The 33 million small businesses in the United States account for 43% of the country’s gross domestic product and create more jobs than large firms. And although they often operate on limited budgets, they still have the power to inspire big changes. But the challenges they face – from finding customers to securing the right funding and expert growth advice – aren’t always easy. That’s why we’ve pulled together this guide to all things small business: from important definitions to expert tips for overcoming obstacles.
What is a small business?
A small business is a for-profit company that typically has fewer employees and lower revenue than larger companies. They can be established as a sole proprietorship, partnership, LLC or corporation. Registering as a small business can open up opportunities for government programs, financing and tax deductions.
Whether you’re looking to start a small business or already have one, it’s important to understand your company’s size in order to stay compliant with legal and tax requirements. The definition of a small business varies by industry and region, but most small businesses are independently owned and operated.
A small business can be a great way to achieve your dreams of being your own boss. But it’s not for everyone. It can be hard to juggle family, work and other commitments. And if you’re not careful, you can burn out. Burnout is characterized by exhaustion, cynicism and inefficacy, and it can have a negative impact on your productivity.